4 Tips On Maintaining Rental Properties

Maintaining rental properties that you own is one the highest priorities you have as a property manager. Many other aspects of your rental properties depend on this. If you are someone who owns rental properties reading this article, you may be thinking, “Why are we addressing this? This is obvious.” Well, you may be surprised to learn what a high percentage of landlords neglect the maintenance of the properties that they own. There are many reasons for this, but the excuses for this neglect usually don’t hold any water. As a property manager, you absolutely must take your maintenance seriously, especially if your long-term plan is to acquire more properties in the future. We would like to give you four essential things to remember as far as physically maintaining your rentals are concerned.

Preparation

Make no mistake; as a landlord, you will without a doubt have to spend money you weren’t planning on spending on maintenance. Your tenant will call you at a time when you least expect it telling you that there’s a leak in the ceiling or a sprinkler is broken or the air conditioner isn’t working. Be financially and mentally prepared for this because it will happen. Even if your house is brand new, our experience is that something always comes up. Make sure to have a stash of money tucked away that is designed to represent the full length of your tenant’s contract, that way if something comes up (which it will) you will be prepared and will not have to take a big hit.

Regulations and Legality

These rules are typically not the same state to state. Sometimes even neighboring counties have different legal requirements so it’s very important that you make yourself privy to all of these laws and requirements. Also, don’t forget to inform your tenants of what those rules are as well so the both of you are on the same page in that regard. Having this knowledge will aid you in situations where you are not sure whether or not you should call a professional service or clean it yourself, for example. Many property owners communicate with attorneys as a source of pertinent legal information, which is a great idea if the information isn’t readily available to you. There are many situations where the tenant is, in fact, liable for something that you may think is your responsibility. Knowing the local legality regarding leasing, landlords, and tenants can give you a heads up knowing what should be done in maintenance situations.

Happy Tenant = Happy Landlord

To some this is self-explanatory, but it must be emphasized here. Get right back to your tenant when they call you about a problem that’s surfaced with the house and do your very best to solve that problem as quickly and efficiently as you can, communicating with your tenant throughout the whole process. This behavior has a true impact on the tenant-landlord relationship.

Turnover and Maintenance Are Related

If you want your tenants to resign, stay on top of maintenance. This is a strong factor that affects tenant turnover. Tenants don’t want to remove themselves from a good landlord situation because it’s rare to find landlords who promptly return calls and who prioritize being on top of all of the maintenance of a rental property. You may be thinking about the financial hits (let alone hits to your time) you take if you are this meticulous about maintenance, but in terms of long-term value, you would be making the wiser and more fiscally responsible decision. Take our word for it. Prioritize maintenance.